Cryogenic Insulation Market Size, Share, Trends, Growth 2032

Cryogenic Insulation Market Insights

According to a report from Zion Market Research, the global Cryogenic Insulation Market was valued at USD 3.67 Billion in 2023 and is projected to hit USD 6.80 Billion by 2032, with a compound annual growth rate (CAGR) of 7.1% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Cryogenic Insulation industry over the next decade.

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Global Cryogenic Insulation Market: Overview

Cryogenic insulation materials are used to safeguard the plants manufacturing LNG along with raising its production capacity. Cryogenic insulation is the high performing technique that guarantees reliable storage and effective transport of inflammable products such as LNG. The growing popularity of cryogenic insulation can be attributed to its favourable features such as high mechanical stability, low & strong maintenance, and proven quality.

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Global Cryogenic Insulation Market: Growth Factors

The cryogenic insulation market growth is anticipated to gain traction over the coming years owing to a lucrative demand for liquefied natural gas as fuel. Transportation and storage of LNG are some of the major applications of cryogenic insulation in the energy and power sector and they are likely to contribute notably towards the growth of the market in the years ahead. Escalating need for LNG in myriad sectors such as automotive, domestic & commercial fuel, and power generation is expected to boost natural gas exploration and production, thereby, driving the growth of the cryogenic insulation market in the near future.

In the forthcoming years, due to increase in LNG terminals, storage tanks, and ships carrying LNG, a substantial amount of insulating materials will be required, which is projected to drive the cryogenic insulation market. However, the volatile raw material price is likely to act as a major restraint for the growth of the cryogenic insulation market in the forthcoming years. Nevertheless, growing environmental awareness will contribute notably towards the cryogenic insulation market earnings in the coming years.

Global Cryogenic Insulation Market: Segmentation

The global cryogenic insulation market can be divided based on type, cryogenic equipment, form, and application.

Type-wise, the cryogenic insulation market is segmented into PU & PIR, cellular glass, polystyrene, fiberglass, and perlite.

Based on the cryogenic equipment, the market is sectored into the tank, pumps, vaporizers, valves, and others including gauges, flanges, tunnel freezers, etc. 

Based on the form, the market is sectored into bulk-fill, multi-layer, and foam.

On the basis of application, the cryogenic insulation market is divided into Energy & Power, Chemicals, Metallurgical, Electronics, and Shipping industries.

Cryogenic Insulation Market: Report Scope

Global Cryogenic Insulation Market: Regional Analysis

Based on regions, the global hemodynamic monitoring systems market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific is slated to be the third-fastest emerging cryogenic insulation market during the forecast period in terms of value. Asia Pacific cryogenic market is estimated to witness considerable growth owing to rising demand for storing and transporting cryogenic fluids in a wide range of end-use industries such as chemicals, shipbuilding, electronics, and energy & power. Rising demand for LNG and increasing investment in the energy sector is expected to drive the cryogenic insulation market in the region during the forecast period.

China is estimated to account for the largest share of the cryogenic insulation market in the APAC region during the forecast period, in terms of value, owing to the high demand for storing and transporting cryogenic fluids from a wide range of end-use industries such as chemicals, shipbuilding, electronics, and energy & power industries. Rising demand for LNG, increasing investment in the energy sector, urbanization, industrialization, and infrastructural development are expected to drive the cryogenic insulation market growth in Europe and North America over the next few years.

Global Cryogenic Insulation Market: Competitive Players

Some main participants of the cryogenic insulation market are

• Rochling Group
• Armacell International
• G+H Group
• Pittsburgh Corning Corporation
• Cabot Corporation
• Amol Dicalite Limited
• BASF
• Dunmore Corporation
• Imerys Minerals
• Hertel
• Lydall Inc
• Saint Gobain
• Johns Manville Inc

The report segments the cryogenic insulation market as follows:

By Type

• PU & PIR
• Cellular Glass
• Polystyrene
• Fiberglass
• Perlite
• Others

By Cryogenic Equipment

• Tank
• Pumps
• Vaporizers
• Valve
• Others

By ?Form

• Bulk-fill
• Foam
• Multi-layer

By Application

• Energy & Power
• Chemicals
• Metallurgical
• Electronics
• Shipping

 Cryogenic Insulation Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa